Who knows why it's going down, but what's crystal clear:
The short term trend is down, and down strongly. And you cannot fight it. Look at a three month chart. It's scary. Five strong legs down, with little bounces, followed by a LOWER HIGH each time. That's the trend of a stock circling the drain, even though we know BX is not circling the drain. What BX is, is a trader's stock, and traders understand that you cannot fight the trend; the trend is your friend, and you need to listen to it. BX short term trend is afwul, and until there is a catalyst of some sort, it will continue down. Today, we're looking at a big meltdown in Europe, with complete disaster in Portugal. If this drags down U.S. markets today, BX share price will continue its decline. Traders know this, and will sell BX like crazy.
If you like roller coasters, this is the stock for you. On the other hand, the yield is now around 6%, so frustrated longs (like me) can see one very small silver lining. If you're long, suck it up, and know that more pain is on the way, and your best move is to keep dry powder available so you can add when all the bulls__t is over.
This is not your father's stock market anymore. It's a casino. I love BX long term. Short term, it's a disaster.
What's alarming today is that the broader market isn't selling off, even though BX is. What's heartening is that this morning's dump is on relatively light volume. What's clear is that the bulls__t continues, and this trader's plaything is in full play.